LogicMark, a maker of personal emergency response systems (PERS), has been acquired by Chicago-based private equity firm Generation3 Capital.
According to a statement, Generation3 partnered with Promus Equity Partners, LLC to complete the acquisition on December 30, 2011. Financial terms of the transaction were not disclosed.
Jim Coleman, principal of Generation 3, said in the statement that there is a growing market for LogicMark’s products given end-customer demographics and rising healthcare costs.
"We are excited about Promus and Gen3 making an investment in our business and believe this will help expand our market coverage and enable us to focus on introducing new products," said Mark Gottlieb, who founded the Company in 2006 and will be staying on as chief creative officer.
Spearheading LogicMark will be CEO Ben Cornett and President Kevin O’Connor, both of whom formerly worked at Honeywell Security Group as president and vice president of global sales respectively.
"The PERS market is growing rapidly in both the Durable Medical Equipment and Security channels. We are excited to be involved with LogicMark and have the opportunity to work with some new customers in the DME market as well as working with some old friends in the security market," O’Connor said.
Generation3 is not a stranger to the security industry, having acquired a controlling interest in wireless infrastructure solutions provider Fluidmesh last April.